All eyes are on stablecoins: Law Decoded, April 10–17
A week before a hearing in Congress, the United States gets stablecoin regulatory framework. Go to Source Powered by WPeMatico
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FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense
According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his … Read more
FDIC plans to return $4B in Signature crypto deposits ‘by early next week’ — Martin Gruenberg
The Treasury Department’s Under Secretary for Domestic Finance Nellie Liang said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks. Go to Source Powered by WPeMatico
Ted Cruz and Ron DeSantis take on the ‘digital dollar’: Law Decoded, March 20–27
Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency. Go to Source Powered by WPeMatico
Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector
U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S. benchmark indexes fell again on Friday as the government’s efforts last week failed to quell the country’s financial calamity. Janet … Read more
US lawmakers reiterate concerns about ‘sham’ crypto firm audits to PCAOB
Two U.S. senators cited the collapse of FTX when writing to the PCAOB chair Erica Williams in January, but now suggest improper auditing could have affected three banks as well. Go to Source Powered by WPeMatico
Congressional privacy proposals could kill scores of blockchain projects
Lawmakers may be on the brink of scaring blockchain projects into moving offshore or causing them to shut down altogether. Go to Source Powered by WPeMatico
In the aftermath of banks’ horrorshow: Law Decoded, March 13–20.
A week after the twinning collapse of Silicon Valley Bank (SVB) and Signature Bank, and the trouble at Credit Suisse, the dust is slowly settling down. Go to Source Powered by WPeMatico
Congress announces March 29 hearing into failures of SVB and Signature Bank
According to the House Financial Services Committee, it expects to hold multiple hearings on “getting to the bottom” of the banks’ failures. Go to Source Powered by WPeMatico
US lawmaker suggests Signature’s collapse was tied to instability of crypto
Senator Michael Bennet said crypto was not “even as stable as the marijuana industry,” questioning Signature Bank’s ability to service digital asset firms but not dispensaries. Go to Source Powered by WPeMatico